Europe’s Crypto Believers on the Rise Amid COVID-19 Crisis, bitFlyer Says

Europeans are getting more confident about the future of the cryptocurrency industry amid the coronavirus pandemic, according to a new report.

People in Europe are becoming more optimistic about the Blockchain space. In 2020, more Europeans believe that crypto will exist in 10 years than ever before, bitFLyer exchange reported on April 29.

Amount of crypto believers in Europe edges up 3% in 2020

According to a new survey by bitFLyer, the number of Europeans who believe that crypto will still exist in 10 years has edged up from 63% in 2019 to 66% in 2020.

The survey is part of bitFLyer’s annual Crypto-Confidence Index research. This is based on a consumer poll of 10,000 respondents across 10 countries in Europe. Similar to the first survey in 2019, the research was conducted by bitFLyer’s European arm, bitFLyer Europe, during the month of March. Surveyed countries include Belgium, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, and the United Kingdom.

Italy shows biggest confidence in crypto during its worst month of pandemic

Italy, which was the second worst-hit country by COVID-19 after China in March 2020, has demonstrated the most significant level of confidence in crypto across Europe. According to the survey, 72% of Italian people expressed confidence in the longevity of crypto, becoming the biggest crypto-believing nation among the 10 surveyed countries.

Based on bitFLyer’s data, Italians have become more optimistic about crypto. March 2020 results indicate a 4% surge from the results of the March 2019 poll. In mid-March, Italy’s major bank, Banco Sella, launched Bitcoin (BTC) trading service, unlocking the feature for 1.2 million users.

The United Kingdom is the least confident at 56%

On the other hand, the United Kingdom has shown the worst results in terms of confidence in the longevity of crypto. According to the survey, only 56% of people in the U.K. believe that crypto is here to stay.

Moreover, the United Kingdom is purportedly the only country other than Norway that demonstrated a drop of confidence in the future of crypto versus 2019. The amount of U.K. respondents who think that crypto will exist in 10 years dropped by 1% in 2020 from 57% in 2019. In Norway, the figure dropped from 74% in 2019 to 67% in 2020.

On April 23, P2P crypto exchange, Paxful, released a survey showing that Americans are increasingly considering cryptocurrencies as an alternative to the current financial system.